ARCHBOLD, Ohio - Farmers & Merchants Bancorp, Inc. (NASDAQ:FMAO), the parent company of F&M Bank, announced today the retirement of Eugene Burkholder from its Board of Directors. Burkholder's departure from the board is effective immediately, concluding over a decade of service since he joined in March 2012.
During his tenure, Burkholder played a significant role in the bank's development and strategic direction. F&M Bank's Chairman Andrew Briggs acknowledged Burkholder's contributions, stating, "His leadership has been an inspiration, and his legacy will continue to guide the Bank's efforts in serving its customers and communities." The board expressed its deep appreciation for Burkholder's dedication and impact on the institution.
With Burkholder's retirement, the board has decided not to fill his position, reducing the number of board members to 11. This decision comes as the bank continues to serve its customers across multiple counties in Ohio, Northeast Indiana, and a Michigan footprint that includes Oakland County.
F&M Bank, founded in 1897, is a community-focused institution offering a range of commercial and retail banking services. The bank operates in Ohio and Indiana, with loan production offices also located in Michigan.
This development follows the bank's commitment to maintaining robust governance and oversight as it navigates the future of community banking. While the announcement marks the end of an era for Burkholder at F&M Bank, the company continues its operations without immediate plans for board expansion.
The information regarding Eugene Burkholder's retirement is based on a press release statement from Farmers & Merchants Bancorp (NASDAQ:MBIN), Inc.
In other recent news, Farmers & Merchants Bancorp, the parent company of F&M Bank, has reported a series of significant developments. The company announced a slight increase in its quarterly cash dividend to $0.22125 per share, marking the 30th consecutive year of dividend growth. This increase, reflecting the company's consistent growth and robust capital levels, reinforces its commitment to shareholders.
Simultaneously, the company has seen a change in its Board of Directors, with Kevin Frey stepping in as Dr. K. Brad Stamm retires. Frey, who brings a wealth of experience from his previous roles, is expected to provide valuable insights to F&M Bank's operations.
Additionally, Farmers & Merchants Bancorp renewed its employment agreement with President and CEO, Lars B. Eller, for another three years. The contract maintains Eller's annual base salary at $504,686, with potential increases and various employee benefit plans.
In a noteworthy move, the company announced a change in its independent registered public accounting firm. Starting from the year ending December 31, 2025, Plante & Moran, PLLC will assume audit responsibilities from the previous auditor, Forvis Mazars, LLP.
Lastly, Farmers & Merchants Bancorp recently received a 'Neutral' rating from Piper Sandler, a development that acknowledges the company's robust risk management practices and strategic growth initiatives. These recent developments highlight the company's ongoing commitment to its operations and shareholders.
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